Editor's Note: The Joint Economic Committee is counting down the days until Tax Day (April 17th) by showing how the Tax Cuts and Jobs Act will make life easier next year. Check out the Tuesday, Wednesday, Thursday, and Friday editions.
April 16, 2018
Countdown to Tax Day
Five Ways the TAX CUTS AND JOBS ACT (TCJA) Will Make Tax Day Less Taxing Next Year
#1: Higher Wages, More U.S. Jobs & Investment
TCJA lowered our corporate tax rate—which was the highest in the developed world—from 35 percent to 21 percent. TCJA also changed our outdated, uncompetitive worldwide tax system that encouraged American companies to shift or leave funds offshore to a territorial system that encourages investment in the United States.
As a result, TCJA is benefiting American families and communities beyond the higher take-home pay from lower individual taxes. Companies across America are announcing worker bonuses, pay raises, higher worker benefits, new jobs, greater investment in the United States, movement of overseas production to the United States, and increased contributions to charity.